How to pick a travel insurance plan that’s right for you
Cancelled or delayed flights, lost or stolen baggage, emergency medical expenses, stolen passport… The list of travel nightmares goes on. With our impeccably planned itineraries, all we want is our holiday to go without a hitch. But what if it does not? That is exactly why you need to think about travel insurance.
Single trip vs multi-trip travel insurance
As the name suggests, single trip travel insurance provides cover for one particular trip. This type of policy can be customized based on your holiday with features and cover levels as per your requirement.
The cover commences as soon as you fly out till the time you return back and is great for those who travel occasionally. This policy is easy to get and can be bought just before you leave for your trip. However, if you plan going on more than just a few trips in a year, taking out a single trip insurance for every trip can be a costly option. This is where multi-trip insurance comes into play.
Multi-trip insurance provides a cover against travel risks on a yearly basis. This policy covers all trips that you take during a one year period, thus making it perfect for those who travel frequently for business or leisure the whole year round. Not only is it a cost effective way of making sure you’re protected, it also eliminates the need to apply for a travel insurance policy every time you travel.
If you have decided to opt for multi-trip travel insurance, it’s advisable to check the policy terms for any limitations regarding the following:
* The maximum number of days you can spend abroad in a single trip
* Geographic coverage or the countries that will be covered in your policy. Basic variants of certain policies may exclude countries like the US and Canada.
* Coverage for hazardous or adventure sports (Also check with the provider if you can add one or more optional covers to the existing policy, at a later date).
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Individual vs family plan
Going on a family holiday with your spouse and children? Planning a holiday with your parents? If yes, a family plan would be just right for you. A family travel insurance policy provides cover against travel-related risks to all members of the family who are travelling, and could actually be a cheaper alternative compared to buying separate policies for all.
This plan is great for coverage for the entire family, including young children and elderly parents. You can either opt for an annual family plan or a single trip family plan based on your needs. Most providers in the market charge minimal premium for children under the age of 16 or sometimes even include them for no extra cost, hence proving to be easier on your pocket.
Basic plan vs advanced plan with add-ons
If you are a thrill-seeker who’s excited by the very idea of exploring the great outdoors and challenging adventures, you need to put more thought into selecting your travel insurance policy.
Basic variants of travel insurance policies do not cover high risk activities, which is why you need to choose additional add-ons over and above your standard cover. And not just hazardous sports, you can also opt for optional add-ons such as worldwide coverage, golf cover, and more for complete peace of mind. But keep in mind, this higher coverage will of course translate into higher premium too.